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Nigeria’s revenue from corporate income tax rose to N2.78 trillion in the second quarter, according to official data that highlights growing compliance and improved performance across major economic sectors.
Tax authorities reported that the increase reflects stronger reporting from local and foreign companies as well as improved enforcement mechanisms. The data shows that sectors including manufacturing, telecommunications, financial services, technology, and energy recorded notable gains during the period.
Economists say the rise is partly driven by ongoing reforms aimed at widening the tax net and reducing leakages. Nigeria has taken steps to strengthen digital monitoring, increase transparency in corporate reporting, and improve coordination between revenue agencies and private sector players. These changes have helped create a more structured tax environment.
The N2.78 trillion figure marks one of the highest quarterly CIT collections in the country’s recent history. Analysts argue that such performance is critical for funding public services, supporting infrastructure plans, and reducing reliance on borrowing.
Despite the improved revenue, experts caution that long-term sustainability depends on broader macroeconomic stability. They note that fluctuations in corporate profitability, inflation pressures, and inconsistent policy execution could affect future collections.
For now, the government expects that stronger tax administration and ongoing economic reforms will continue to support revenue growth in the coming quarters. Stakeholders say maintaining clarity, stability, and transparency in the tax system will be key to preserving investor confidence.
Tax authorities reported that the increase reflects stronger reporting from local and foreign companies as well as improved enforcement mechanisms. The data shows that sectors including manufacturing, telecommunications, financial services, technology, and energy recorded notable gains during the period.
Economists say the rise is partly driven by ongoing reforms aimed at widening the tax net and reducing leakages. Nigeria has taken steps to strengthen digital monitoring, increase transparency in corporate reporting, and improve coordination between revenue agencies and private sector players. These changes have helped create a more structured tax environment.
The N2.78 trillion figure marks one of the highest quarterly CIT collections in the country’s recent history. Analysts argue that such performance is critical for funding public services, supporting infrastructure plans, and reducing reliance on borrowing.
Despite the improved revenue, experts caution that long-term sustainability depends on broader macroeconomic stability. They note that fluctuations in corporate profitability, inflation pressures, and inconsistent policy execution could affect future collections.
For now, the government expects that stronger tax administration and ongoing economic reforms will continue to support revenue growth in the coming quarters. Stakeholders say maintaining clarity, stability, and transparency in the tax system will be key to preserving investor confidence.